| EARNINGS PER COMMON SHARE The following table reconciles the numerators and denominators of our basic and diluted earnings per common share calculations. Net income available to our common shareholders is expressed in millions and weighted average shares are expressed in thousands. | | | | | | | | | | | | | | | | | | | | | | | | Net Income Available to Common Shareholders (Numerator) | | Weighted Average Shares (Denominator) | | Per-Share Amount | | Three Months Ended June 30, 2025 | | | | | | | Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share | | $ | 288 | | | 91,135 | | | $ | 3.16 | | | Effect of dilutive instruments | | — | | | 656 | | | (0.02) | | Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share | | $ | 288 | | | 91,791 | | | $ | 3.14 | | | | | | | | | | Three Months Ended June 30, 2024 | | | | | | | Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share | | $ | 259 | | | 97,267 | | | $ | 2.66 | | | Effect of dilutive instruments | | 1 | | | 1,177 | | | (0.02) | | Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share | | $ | 260 | | | 98,444 | | | $ | 2.64 | | | | | | | | | | Six Months Ended June 30, 2025 | | | | | | | Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share | | $ | 694 | | | 92,688 | | | $ | 7.49 | | | Effect of dilutive instruments | | — | | | 720 | | | (0.06) | | Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share | | $ | 694 | | | 93,408 | | | $ | 7.43 | | | | | | | | | | Six Months Ended June 30, 2024 | | | | | | | Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share | | $ | 2,410 | | | 98,424 | | | $ | 24.49 | | | Effect of dilutive instruments | | 1 | | | 1,133 | | | (0.27) | | Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share | | $ | 2,411 | | | 99,557 | | | $ | 24.22 | |
Dilutive instruments during the three and six months ended June 30, 2025 and 2024 consisted of stock options, RSUs, deferred compensation units and dividends on subsidiary preferred stock. During the six-month period in 2024, our dilutive instruments also included RSUs issued under USPI’s restricted stock plan.
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